The assumption that the high rate of immigration exert a growing pressure on the real estate market of Toronto, claimed by analysts for many years, is quantitatively correct.
A new report by the canadian real estate giant Royal LePage shows that the newcomers now represent 21% of all home buyers in the country.
The same exponent, i.e., 1 to 5, is celebrated in Ontario, while the proportion of homeowners among immigrants in the greater Toronto area, in particular, is 32%.
“Ontario, and more specifically the greater Toronto area, international migration to Canada brought significant benefits,” said Wednesday the President of Royal LePage Signature Realty Chris Litem (Chris Slightham) in a press release, where they presented the results of the national survey of newcomers, carried out by the company.
“The region benefits a constant flow of arriving who need homes in safe areas with good schools and job opportunities”.
But not only newcomers contribute to the demand for property at the local level, residents from other parts of Canada also in greater numbers coming to Toronto in search of shelter and work.
“This demand tends to raise prices in the property market, said Slatem. – We expect that it will continue because of greater Toronto remains an attractive place of residence at the global level”.
Royal LePage interviewed 1,500 people who came to Canada in the last ten years, and found that 75% of them arrived not with empty hands, referring to the purchase of the property on arrival.
Given the fact that international migration have a whopping 80.5% of population growth in Canada for 2018, it is logical that many new homes sold it is immigrants.
Royal LePage predicts that at current rates of migration in the next 5 years, visitors will buy approximately 680,000 units of housing in Canada, of which 286000 in Ontario.